i) Provisions and contingent liabilities The Company creates
a provision when there is present obligation as a result of a
past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made
when there is a possible obligation or a present obligation
that may, but probably will not, require an outflow of
resources. When there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Disputed liabilities and claims against the company
including claims raised by fiscal authorities (e.g. Sales Tax,
Income Tax, Excise etc.) pending in appeal / court for which
no reliable estimate

can be made and or involves uncertainty of the outcome of
the amount of the obligation or which are remotely poised
for crystallization are not provided for in accounts but
disclosed in notes to accounts

j) Foreign Currency Translation

i. The financial statements are presented in Indian rupee
(INR), which is Company’s functional and presentation
currency.

ii. On initial recognition, all foreign currency transactions
are recorded at foreign exchange rate on the date of
transaction. Gain / Loss arising on account of rise or fall
in foreign currencies vis-a-vis functional currency
between the date of transaction and that of payment is
charged to Statement of Profit & Loss.

iii. Monetary Assets in foreign currencies are translated into
functional currency at the exchange rate ruling at the
Reporting Date and the resultant gain or loss, is
accounted for in the Statement of Profit & Loss.

k) Dividend to equity holders of the Company The Company
recognises a liability to make cash distributions to equity
holders of the Company when the distribution is authorised
and the distribution is no longer at the discretion of the
Company. Final dividends on shares are recorded as a
liability on the date of approval by the shareholders and
interim dividends are recorded as a liability on the date of
declaration by the Company’s Board of Directors.

l) Revenue Recognition Revenue towards satisfaction of a
performance obligation is measured at the amount of
transaction price (net of variable consideration) allocated to
that performance obligation.

i. Sale of goods The company's revenue from contract with
customer is mainly from sale of aluminium products. The
Company derives revenue from Sale of Goods and
revenue is recognized upon transfer of control of
promised goods to customers in an amount that reflects
the consideration the Company expects to receive in
exchange for those goods. To recognize revenues, the
Company applies the following five step approach: (1)
identify the contract with a customer, (2) identify the
performance obligations in the contract, (3) determine
the transaction price, (4) allocate the transaction price to
the performance obligations in the contract, and (5)
recognize revenues when a performance obligation is
satisfied. The Company recognises revenue at point in
time. Any change in scope or price is considered as a
contract modification. The Company accounts for
variable considerations like, volume discounts, rebates
and pricing incentives to customers as reduction of
revenue on a systematic and rational basis.

ii. Interest Income Interest income is accrued on a time
proportion basis, by reference to the principle
outstanding and the effective interest rate applicable.

iii. The materials returned/rejected are accounted for in the
year of return/rejection.

iv. Export incentives & other miscellaneous incomes are
recognised on accrual basis. Export benefits are
accounted for in the year of exports based on eligibility
and when there is no uncertainty in receiving the same.
All other income are recognised on accrual basis.

m) Employee benefits

i. Short-term employee benefits All employee benefits
payable wholly within twelve months of rendering the
service are classified as short term employee benefits.
Short term employee benifits such as salaries,
alloawances, performance incentives, etc., are
recognized as an expense at the undiscounted amount in
the Statement of Profit and Loss of the year in which the
employee renders the related service.

ii. Post Employment Benefits Defined contribution plans

Payments made to a defined contribution plan such as
Company’s contribution to provident fund, employee
state insurance and other funds are determined under the
statute and charged to the Statement of Profit and Loss in
the period of incurrence when the services are rendered
by the employees.

iii. Defined Benefits Plans The Company makes annual
contributions to gratuity funds administered by the L.I.C.
& SBI Life Insurance. The Gratuity plan provides for lump
sum payment to vested employees on retirement, death
or termination of employment of an amount based on the
respective employee’s last drawn salary and tenure of
employment. The Company accounts for the net present
value of its obligations for gratuity benefits, based on an
independent actuarial valuation, determined on the basis
of the projected unit credit method, carried out as at the
Balance Sheet date. The obligation determined as
aforesaid less the fair value of the plan assets is reported
as a liability or assets as of the reporting date. Actuarial
gains and losses are recognised immediately in the Other
Comprehensive Income and reflected in retained
earnings and will not be reclassified to the Statement of
Profit and Loss.

n) Borrowing Cost Borrowing cost that are directly
attributable to the acquisition, construction, or production
of a qualifying asset are capitalized as a part of the cost of
such asset till such time the asset is ready for its intended
use or sale. Borrowing cost consist of interest and other
costs that an entity incurs in connection with the borrowing
of funds. A qualifying asset is an asset that necessarily
requires a substantial period of time to get ready for its
intended use or sale. All other borrowing cost are
recognized as expense in the period in which they are
incurred.

o) Earning Per Share Basic earnings per share is calculated by
dividing the net profit or loss for the period attributable to
equity shareholders by the weighted average number of
equity shares outstanding during the period. Earnings
considered in ascertaining the Company’s earnings per
share is the net profit for the period. The weighted average
number of equity shares outstanding during the period and
all periods presented is adjusted for events, such as bonus
shares, other than the conversion of potential equity shares,
that have changed the number of equity shares outstanding,
without a corresponding change in resources. For the
purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity
shareholders and the weighted average number of share
outstanding during the period is adjusted for the effects of
all dilutive potential equity shares.

p) Segment reporting The activity of the company comprises
of only manufacturing and trading of aluminium products
hence there is no other reportable operating segment as
required by Ind AS -108.

q) Cash and cash equivalents Cash and cash equivalents are
short-term (three months or less from the date of
acquisition), highly liquid investments that are readily
convertible into cash and which are subject to an
insignificant risk of changes in value.

r) Government Grant Government Grants are recognised
where there is reasonable assurance that the grant will be
received and all the attached conditions will be complied
with. When the grant relates to revenue, it is recognised in
the statement of profit and loss on a systematic basis over
the periods to which they relate. When the grant is related to
assets, it is deducted from the carrying amount of respective
asset.

^(b) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having a par value of Rs. 5 per sahare. Each holder of equity shares is entitled to one vote
per share. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) In AGM of the company held on 19th July 2023, shareholders have passed resolution for alteration of capital clause of Memorandum of
Association (MOA) of the company & to alter the Authorised Share Capital of Company from Rs. 15,00,00,000/- (Rupees Fifteen Crore only),
divided into 1,50,00,000 (One Crore Fifty Lakh) Equity Shares of Rs. 10/- (Rupees Ten only) each to Rs. 30,00,00,000/- (Rupees Thirty
Crore only), divided into 3,00,00,000 (Three Crore) Equity Shares of Rs. 10/- (Rupees Ten) each.

Further, shareholders have passed resolution for sub-division/split of equity shares from 1 (one) equity share of face value of Rs. 10 each to 2
(two) equity shares of face value of Rs. 5 each and for further issue of bonus shares in the proportion of 1 (one) fully paid up Equity Share , for
every 1 (One) fully paid-up Equity Share held by member or allotted to such member, i.e. in the ratio of 1:1 (One bonus share for every One
equity share held).

Consequent to this, the authorized share capital comprises 6,00,00,000 (Six Crore) Equity Shares of Rs. 5/- (Rupees Five) each, aggregating
to Rs. 30,00,00,000/- (Rupees Thirty Crore only), and the paid up capital comprises 5,40,84,864 equity shares of Rs. 5 each, aggregating to
Rs. 27,04,24,320/-. The impact of this has been considered in financial statement.

Previously the Company has issued 67,60,608 bonus shares during the year 2021-22, other than this no other shares have been issued during
the last five financial years.

17.1 - Secured Tem Loan - Vehicle loan from HDFC Bank Ltd. Secured by hypothecation of respective vehicle which is payable in 39 Monthly
installments of Rs. 4.88/- lacs each commenced from August, 2022 for the principal and interest amount. This loan is carrying 7.30 % rate of
interest Per Annum.

17.2 - Secured Tem Loan - Vehicle loan from Yes Bank Ltd. Secured by hypothecation of respective vehicle which is payable in 60 Monthly
installments of Rs. 0.60/- lacs each commenced from September, 2021 for the principal and interest amount. This loan is carrying 7.50 %
rate of interest per annum.

17.3 - Secured Tem Loan - The Company has obtained a Secured Term Loan from Citibank, which is secured by way of exclusive charge of
movable fixed assets (funded out of citi bank term loan). The loan carries a tenure of 60 months and is repayable in equal monthly
installments, each comprising principal repayment of Rs. 25.00 lakhs. Interest on the loan is payable along with each installment and is
linked to the 3-month Treasury Bill rate plus a spread of 2%.

Notes :

20.1. Cash Credit, Packing Credit and Purchase Bill Discounting Facility from HDFC Bank

(a) . (a). Current Assets: First Pari Pasu charge of entire stocks of raw materials, work in process and finished goods, stores & spares,
packing material including goods at port/intransit/under shipment, Plant & Machineries, & eligible book debts up to 90 days age and all
other present and future current assets of the company. Security to be within multiple banking arrangement with CITI Bank

(b) Movable Fixed Assets: First Pari Pasu charge on entire current and future movable fixed assets.

(c industrial Property : First Pari Pasu Charge on below

(i) on Land & Building situated at Plot No. 67, 68-A & 75 Sector-I, Pithampur, Dhar (M.P.). Security to be within multiple banking
arrangement with CITI Bank

(ii) on property situated at Third floor Unit 01, Plot no 03, Sector 93-A, Noida, UP - 201301 owned by friends of director of the company,
Security to be within multiple banking arrangement with CITI Bank

(d) Alongwith above securities additional security for Letter of Credit and Bank Guarantee & Fixed Deposits - 15% margin in form of FDR's
under Bank Lien.

(e ) Cash Credit carrying interest at the rate rainging from 8.00 -9.00 percent p.a.

20.2. Cash Credit with Citi Bank

(a) A first paripassu charge with other current Assets & current Assets (Stock and Book debts)

(b) A first paripassu charge on movable fixed assets (excluding those funded out of Term Loan).

(c) A first paripassu charge on Land & Bulding situated at Plot No. 67, 68-A & 75 Sector-I, Pithampur, Dhar (M.P.)

(d) A first paripassu charge on Land & Bulding situated at Third floor Unit 01, Plot no 03, Sector 93-A, Noida, UP - 201301

(e) Cash Credit carrying interest at the rate rainging from 8.00-9.00 percent p.a.

20.3 Loan Repayable on Demand

(i) Channel finance facility - from Axis Bank Limited is guaranteed by personal guarantee of three promoter directors of the Company.

(ii) Channel Finance facility carrying interest at the rate rainging from 9.00 - 9.50 percent p.a.

Sales Tax comprises demand of Rs. 3.11 lakhs and Rs. 2.83 lakhs under Central Sales Tax Act, 1956 pending with M.P. High Court pertaining to the
financial year 2001-02 and 2002-03 respectively, sales tax demand of Rs. 3.61 lakhs, Rs. 13.77 lakhs, Rs. 16.34 lakhs under Central Sales Tax Act,
1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to financial year 2010-11, 2011 -12 & 2012-13 resp., GST demand of Rs. 1.43
lakhs pending with Commissioner (Appeals), Indore pertaining to financial year 2017-18 to 2021-22.

Note 36.2

The management of the company is of opinion that demands as mentioned in note 36.1 are likely to be either deleted or substantially reduced
and accordingly no provision is considered necessary.

37 As per Indian Accounting Standard 19 “Employee benefits", the disclosures as defined in the Accounting Standard are given below :
Employee benefit plans
Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying
employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The
Company recognised Rs. 68.52/- lakhs (Year ended 31 March, 2024 Rs. 65.63/- lakhs) for Provident Fund contributions and Rs. 4.26 lakhs (Year
ended 31 March, 2024 Rs. 4.60/- lakhs) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The
contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees' gratuity fund scheme managed by Maan Aluminium Limited Employees' Trust through insurer (Life Insurance Corporation of
India and/or SBI Life Insurance Company) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation
using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement
and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as
gratuity.

Below is detail of actuarial valuation associated with the captioned Plans in terms of Indian Accounting Standard (Ind AS) 19

40 Financial risk management objectives and policies

The risk management policies of the Company are established to identify and analyse the risks faced by the Company, to set appropriate risk
limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect
changes in market conditions and the Company's activities.The Management has overall responsibility for the establishment and oversight of the
Company's risk management framework. In performing its operating, investing and financing activities, the Company is exposed to the Credit
risk, Liquidity risk and Market risk.

a) Credit risk

Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations.

Trade Receivables

Credit risk refers to the risk of default on its obligations by a counterparty to the Company resulting in a financial loss to the Company. The
Company is exposed to credit risk from trade receivables. Credit risk from trade receivables is managed through the Company's policies,
procedures and controls relating to customer credit risk management by establishing credit limits, credit approvals and monitoring
creditworthiness of the customers to which the Company extends credit in the normal course of business. Outstanding customer receivables are
regularly monitored. The Company has no concentration of credit risk as the customer base is widely distributed.

Other financial assets

The company's maximum exposure to credit risk as at 31 March 2025 and 31 March 2024 is the carrying value of each class of financial assets.

b) Liquidity risk

'Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will
have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Company's reputation.It maintains adequate sources of financing from related parties at an optimised cost.

The Company's maximum exposure to liquidity risk for the components of the balance sheet at 31 March 2025 and 31 March 2024 is the carrying
amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period taken to settle
trade payables is about 0 to 30 days. The carrying amounts are assumed to be a reasonable approximation of fair value. The following table
analyses financial liabilities by remaining contractual maturities:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises of three types of risks: interest rate risk, currency rate risk and price risk. Financial instruments affected by market risk
includes borrowings, trade receivables and other financial assets & liabilities. The Company is exposed to Interest rate risk,currency risk and
price risk.

i) Interest rate risk

The interest rate risk exposure is mainly from changes in floating interest rates. The Management is responsible for the monitoring of the
Company's interest rate position. Various variables are considered by the Management in structuring the Company's borrowings to achieve a
reasonable, competitive, cost of funding. The following table analyse the breakdown of the financial assets and liabilities by type of interest
rate:

currency risk is tne risk mat me rair value or future casn flows of a financial instrument will fluctuate because of cnanges in foreign excnange
rates. The Company has foreign currency trade payables and receivables and is therefore exposed to foreign exchange risk. The Company
mitigates the foreign exchange risk by setting appropriate exposure limits, periodic monitoring of the exposures and by natural hedging by
creating reverse position by way of import in case of having trade receivables in foreign currency and vice versa also company mitigate curency
risk by derivative financial instruments like foreign exchange forward contracts. The exchange rates have been volatile in the recent years and
may continue to be volatile in the future. Hence the operating results and financials of the Company may be impacted due to volatility of the
rupee against foreign currencies.

Exposure to currency risk (Exposure in different currencies converted to functional currency i.e. INR) The currency profile of financial assets and
financial liabilities as at March 31, 2025 and March 31, 2024 are as below:

The Company has deployed its funds into various financial instruments primarily in units of debt based mutual funds and treasury bills, etc. The
Company is exposed to price risk on such investments, which arises on account of movement in interest rates, liquidity, credit quality of
underlying securities, etc.

The value of investment in these mutual fund schemes is reflected through Net Asset Value (NAV) declared by the Asset Management Company
on daily basis. While w.r.t. T-bills, the price is determined by the banks and financial institutions. They place bids on the auction platform. Based
on bids placed on the platform, the RBI determines the price of the securities.The Company has not performed a sensitivity analysis on these
mutual funds/treasury bills, as in Management's opinion, such analysis would not display a correct picture.

41 Capital management

Equity share capital and other equity are considered for the purpose of Company's capital management.

The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to shareholders. The
capital structure of the company is based on management's judgement of its strategic and day-to-day needs with a focus on total equity so as
to maintain investor, creditors and market confidence.

The management and the board of directors monitors the return on capital . The Company may take appropriate steps in order to maintain, or if
necessary adjust, its capital structure.

42 Earning per share

The following reflects the income and share data used in the basic and diluted EPS computations:

^Diluted emiuiig pei ^suai^e (^. ) 2.87 6.0

In AGM of the company held on 19th July 2023, shareholders have passed resolution for sub-division/split of equity shares from 1 (one) equity
share of face value of Rs. 10 each to 2 (two) equity shares of face value of Rs. 5 each and for further issue of bonus shares in the proportion of
(one) fully paid up Equity Share , for every 1 (One) fully paid-up Equity Shares held by member or allotted to such member, i.e. in the ratio of 1:1
(One bonus share for every One equity share held) , This has been considered for calculating weighted average number of equity shares for all
comparative periods presented as per Ind AS 33. In line with the above, EPS (basic and diluted) have been adjusted for both the periods
presented.

⁴³ Dues to micro and small suppliers

Based on the available information with the management, the company has rolled mails to all the vendors for declaration of MSME, based on
the declaration received, the company owes Rs. 60.08/- lakhs and Rs. 64.68/- lakhs in March 31,2025 and March 31,2024 respectively to a
micro or small enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006. Details are mentioned below :

46 Lease Related Disclosures

The company has applied Ind AS 116 "Leases" for accounting of Leases. The Company has lease arrangements for land for factory & building for
offices. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a
right-of-use asset and a lease liability. Variable lease payments which do not depend on an index or a rate are excluded from the initial
measurement of the lease liability and right of use assets.

_a) Total cash outflow for leases for the year ended 31 March 2025 was Rs. 21.40 lakhs (Interest portion Rs. 5.97 lakhs, principal portion Rs. 15.42
lakhs). Total cash outflow for leases for the year ended 31 March 2024 was Rs. 25.75 lakhs (Interest portion Rs. 7.23 lakhs, principal portion Rs.
18.52 lakhs).

b) Maturity of lease liabilities

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47 Additional Regulatory Information

(i) The Company has not revalued its Property, Plant and Equipment during the year.

(ii) During the year, the company has not granted Loans or Advances in the nature of loans or Guarantee to promoters, directors, KMPs and
related parties (as defined under Companies Act, 2013), either severally or jointly with any other person.

(iii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any
government authority.

(iv) The company has no transactions or outstanding balance (payable or receivable) with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956.

(v) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the
Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(vi) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies
Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

(vii) Utilisation of borrowed funds and share premium.

I. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
(Ultimate Beneficiaries) or

b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

II. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(viii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search
or survey), that has not been recorded in the books of account.

(ix) The Company has not traded or invested in crypto currency or virtual currency during the year.

(x) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the
statutory period.

48 Corporate social responsibility

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit
for the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the
Company as per the Act.

For M A K & ASSOCIATES For and on behalf of the Board of Directors of

Chartered Accountants MAAN Aluminium Limited

Firm Registration No.: 003060C CIN - L30007DL2003PLC214485

CA Kunji Lal Kushwaha Ravinder Nath Jain Ashish Jain

Partner (Chiarman & MD) (Executive Director)

Membership No: 415037 DIN: 00801000 DIN: 06942547

Place: Indore

Date: May 27, 2025 Priti Jain Sandeep Agarwal

UDIN : 25415037BMOJHW8296 (Executive Director) (CS & Chief Financial Officer)

DIN: 01007557

Place: New Delhi
Date: May 27, 2025